News: Connecticut

Growth continues in Central Connecticut

Berlin Mayor Adam Salina recently presented the Berlin Economic Development Commission's Developer of the Year Award to Geoffrey Sager and Peter Dunn of Metro Realty Group Ltd. Metro completed Orchard Ridge, a 120-unit apartment community on Webster St. and the 194-unit Stonebridge apartment community on Wethersfield Rd. Both projects are senior (55+) apartments financed by the Connecticut Housing Finance Authority. Also, Metro recently received approval for two affordable workforce housing projects on Deming totaling 92 units. Both projects will provide high quality rental units that will help young people stay in Berlin after they graduate from high school or college. Construction Begins on New Rite Aid Pharmacy in Cheshire Work has begun on Rite Aid's 14,700 s/f pharmacy and retail facility on Main St. In order to construct the new building, two buildings were demolished and several businesses relocated. Consignment Originals is now located in Cheshire Shopping Center on South Main St. and Main Street Café has leased space on West Main St. When completed, Rite Aid will move to its new building from its current location in Maplecroft Shopping Center. Meriden Proposes Mixed- Use Zone for 55-Plus Acre Sites Bordering Interstates Meriden's city council (Zoning Commission) is reviewing a new zoning classification for vacant sites contiguous to I-691 and I-91. If approved, the new Interstate Development District (IDD) could allow developers of the Hall Farm site on Preston Ave. to transform that property into a combination of commercial and residential uses. The zone will stimulate economic development. Design standards will create a "pedestrian-friendly" lifestyle center. The new zone can also apply to the state's 100-plus acre Undercliff Rd. property contiguous to I-691 near Westfield Shopping Town. The city hopes to negotiate with the state to gain site control. BJ's in Planning Stage in Southington Southington is currently experiencing positive developments across the spectrum this spring season. BJ's Warehouse is proposing an 111,000 s/f retail building on Spring St. Also in that area, a new 187,000 s/f indoor sports complex is before the planning board. Both businesses are planning a fall opening. Several new restaurants are opening including Fish & Chops and Namaste Indian cuisine on Queen St., and The Hearthstone Pub and Zingarella's in the downtown center of Plantsville adjacent to the Rails to Trails linear Park. These businesses will further compliment the amenities unique to our area. The First Connecticut Sonic Drive-In Restaurant Is Coming To Wallingford Wallingford is about to become home to Connecticut's first Sonic Drive-In restaurant. In February, the Mesite Family received Planning & Zoning approval to construct a 1,700 s/f Sonic restaurant on a 3.5 acre site on Rte. 5 which housed the former Yankee Silversmith Inn. The Inn was destroyed by fire in 2007 and demolished in 2008, leaving the site vacant. The Mesite family plans to construct a 5,700 s/f retail building and a two-story, 17,734 s/f office building. Sonic is the fourth largest fast-food chain in the nation. The Oklahoma-based company is known for its roller-skating carhops who take orders curbside and deliver food to customers waiting in their cars.
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Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI

Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI

Providence, RI Shawmut Design and Construction celebrated the ceremonial groundbreaking for the 195 District Park Pavilion, marking the start of construction on a facility that will feature year-round dining and support space for park operations. In addition to the 3,500 s/f building, the project will include infrastructure upgrades
The New England Real Estate Journal presents<br> the First Annual Project of the Year Award! Vote today!

The New England Real Estate Journal presents
the First Annual Project of the Year Award! Vote today!

The New England Real Estate proud to showcase the remarkable projects that have graced the cover and center spread of NEREJ this year, all made possible by the collaboration of outstanding project teams. Now, it's time to recognize the top project of 2024, and we need your vote!
Investing in a falling rate environment - by Harrison Klein

Investing in a falling rate environment - by Harrison Klein

Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.
The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins

The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins

The industrial markets have never been stronger. What has happened is that the build out of Devens with new high-tech biotech manufacturing with housing to service these buildings serves as the connector required to really make the I-495 West market sizzle. Worcester has been the beneficiary